Vietnam's Largest Oil Refinery Says Agreement Will Allow Stable Operations
01.31.2022 By Ricardo Perez - NEWS

January 31, 2022 [Reuters] – Vietnam’s Nghi Son Refinery and Petrochemical (NSRP) has said a lengthy shutdown will not be required for now after a major shareholder reached a short-term funding deal to keep the facility operational

 

NSRP, the country’s largest refinery, had faced a possible shutdown due to a disagreement between shareholders about financing for crude oil and had earlier cut its production to 80% of capacity.

In a statement late on Sunday, NSRP said the company had sought relevant approvals from its sponsors on a short-term proposal to meet its immediate funding needs.

“A solution has been agreed by the sponsors on the short-term proposal that will support NSRP in maintaining its stable operations and sustainability of the refinery moving forward,” chief executive Atsushi Yamamoto said in the statement, without elaborating.

Shareholder PetroVietnam said on Friday it had agreed to make an early payment under a fuel offtake agreement, adding that the payment would help NSRP improve its liquidity and maintain its operations. read more

PetroVietnam holds a 25.1% stake in the 200,000 barrel-per-day refinery in Thanh Hoa province, which meets one-third of Vietnam’s petroleum needs.

Japan’s Idemitsu Kosan Co (5019.T) and Kuwait Petroleum both have a 35.1% share, while Mitsui Chemicals Inc (4183.T) holds 4.7%.

Click Here to Access a 10,390 Tank Terminal Database With a Pro Trial

10,390 terminals as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

No-shipping Zone Established In Baltic Sea After Nord Stream Gas Leak
10.05.2022 - NEWS
October 5 , 2022 [Safety 4 Sea] – Denmark imposed a no-shipping zone in Baltic Sea after Nord ... Read More
US EPA Revokes Permit For Oil Terminal Off Texas
10.05.2022 - NEWS
October 5 , 2022 [Safety 4 Sea] – The U.S. Environmental Protection Agency (EPA) has revoked th... Read More
Eesti Gaas CEO: Gas Market Competitiveness Needs Access to LNG Terminal
10.05.2022 - NEWS
October 5 , 2022 [ERR News] – The CEO of natural gas supplier Eesti Gaas, Margus Kaasik, says t... Read More
OPEC & Allies Alert to Changes in Crude Oil Market: Official
10.05.2022 - NEWS
October 5, 2022 [Ukranews] – The secretary general of the Organization of the Petroleum Exp... Read More